Aker Carbon Capture

Regulatory Filings • Jul 13, 2023

Aker Carbon Capture and Aramco to explore partnership opportunities to deploy CCUS modular solutions in Saudi Arabia

Aker Carbon Capture and Aramco to explore partnership opportunities to deploy CCUS modular solutions in Saudi Arabia

Aker Carbon Capture and Aramco, one of the world's leading integrated energy and

chemicals companies, have signed a Memorandum of Understanding (MoU) to explore

partnership opportunities to deploy carbon capture, utilization and storage

(CCUS) and industrial modularization in Saudi Arabia.

The MoU is expected to focus on carbon emissions reduction and removal through

CCUS from industries and energy solutions by offering modular carbon capture

plants and aftermarket services. The parties also aim to assess the potential

for developing local supply chains and module fabrication. The MoU has a

duration of 2 years.

"We are pleased to announce this opportunity with Aramco that aims to support

Saudi Arabia's Vision 2030 and the Kingdom's Net Zero 2060 ambition. Together,

we aspire to explore the establishment of a local modular CCUS industry,

creating new jobs and helping Saudi Arabia's important journey towards net zero

emissions. This MoU is a potential first step for Aker Carbon Capture into the

Middle East.

Through the Middle East Green Initiative, the region aims to reduce CO2

emissions by 670 million tonnes per year. It is important for Aker Carbon

Capture to support this major undertaking, which represents around 10% of global

nationally determined contributions," said Egil Fagerland, Chief Executive

Officer at Aker Carbon Capture.

Aker Carbon Capture's Just Catch modular concept is a standardized product

offering that enables prefabrication of carbon capture units. Aker Carbon

Capture is currently delivering a Just Catch unit in the Netherlands, which is

expected to be delivered by the end of 2023. In May 2023, the company announced

the award of a contract for five Just Catch units to Ørsted in Denmark, a global

leader in renewable energy.

"The partnership with Aker Carbon Capture will support our efforts in developing

and deploying cutting edge technologies in the area of carbon capture. We are

also exploring advanced technologies with our partners to improve efficiency and

minimize emissions in transportation, low-carbon hydrogen fuels and renewables

to achieve our ambition," said Mr. Ahmad Al-Sa'adi, Executive Vice President

Technical Services, Aramco.

Aker Carbon Capture and Aramco also aim to explore the possibility of developing

modular solutions across industries in Saudi Arabia.

ENDS

Media contact:

Yannick Vanderveeren, mob: +47 458 36 358 (http://tel:+47 458 36 358),

email: yannick.vanderveeren@akercarboncapture.com

Investor contacts:

David Phillips, mob: +44 7710 568279 (http://tel:+44 7710 568279), email:

david.phillips@akercarboncapture.com

Aker Carbon Capture is a pure-play carbon capture company with solutions,

services and technologies serving a range of industries with carbon emissions,

including the cement, bio and waste-to-energy, gas-to-power and blue hydrogen

segments. Aker Carbon Capture's proprietary, carbon-capture technology offers a

unique, environmentally friendly solution for removing CO\2\ emissions.

Visit akercarboncapture.com (https://www.akercarboncapture.com/) and connect

with us on LinkedIn (https://www.linkedin.com/company/aker-carbon

-capture), Facebook (https://facebook.com/akercarboncapture),

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YouTube (https://www.youtube.com/channel/UCqE71jAZxmM-CNhfUQq86kQ). This press

release may include forward-looking information or statements and is subject to

our disclaimer, see akercarboncapture.com (https://www.akercarboncapture.com/).